Rare automobiles from Milhous collection fetch millions at auction

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Many collectors of classic automobiles and other items turned out for a recent auction of many of the collectibles obtained through the years by two brothers.

The Milhous Collection, offered by brothers Bob and Paul, included nearly 30 vehicles along with assorted other items, such as an paintings, statues and even a 42-foot custom-built carousel with more than 40 hand-carved animals, chariots and an organ.

"The brothers looked all over the world for a suitable carousel to buy, and they couldn't find one," Alain Squindo, the manager of the research department for RM Auctions, told the New York Times*. "So they commissioned this one. It took years to build."

The pair had spent years collecting the items, and chose to sell them off as a way to simplify estate planning for their relatives, the Times reports, since many would have no idea what to do with some of the collection's more unique items, such as the carousel. Their collection was so large, it had already outgrown four previous storage locations.

The most expensive item sold at the auction was a 1912 Oldsmobile Limited Five-Passenger Touring automobile. While the former museum piece would have been sold for roughly $7,000 back in 1912, RM Auctions* says that vehicle ended up selling for more than $3 million at the auction, largely because it's the only known survivor of the 1912 Oldsmobile Limited line. The vehicle has also won a number of auto show awards during the past few years.

The Oldsmobile was one of six classic cars to sell for more than $950,000. Some of the other high-priced cars included in the auction were a 1933 Chrysler Phaeton, a 1939 Lagonda V-12 Rapide Sports Roadster and a 1930 Duesenberg convertible.

Overall, the cars in the collection impressed many collectors who attended the auction looking to buy cars.

"All of us have seen some nice collections before, but this one turned the knobs all the way up to 11," David Wallens, an automobile collector, told the Times.

In total, the items in the collection sold for more than $38 million.

*according to the New York Times on February 27, 2012
**according to RM Auctions on March 15, 2012

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